Technology has helped in smooth processing of transactions in Banking in India in last 15 years with the advent of internet ATMs and Smart cards. The Core Banking Solutions have made personalised service boasted by bankers irrelevant in India. The Customer Relationship Management has slowly resulted in impersonal relations with customers.
Friends of mine including Bankers have told very clearly that the staff at the counters in Banks have very little to do with Brains and if they know navigation of menus and cut and paste in MS office it is enough. The jobs do not carry the Job Satisfaction. All employees have become Sales men and Banks' services have become poor.
Looking back, bankers and bank employees used to enjoy their jobs because of public relations and interaction. Managers and Officers in Banks used to command respect from public .Even Bank employees are invited for social functions like marriages by customers and even a small help will get compliment or expression of gratitude. These days have gone and Bank does not want customer to come to branch and make premises crowdy. The internet banking has solved many of personal banking requirements and retail banking except Cash can be handled sitting at home or your office. Loans are sold like newspapers by Sales Team of the Bank or some appointed agency.
Bank services have moved out of conventional Banking and beyond recognition due to competition.
With indiscriminate outsourcing and engagement of third parties in data processing, SECRECY which is CORE of Banking is totally diluted. If you maintain some good savings account balance for your urgent requirements, phones will come from agents asking to buy mutual fund or insurance products.Luckily, Govt. Banks have not joined the band wagon of Private banks operating on these lines.
Lending quality has deteriorated as there is no personal assessment of credit but credit is evaluated based on credit scores by your computer or some agency credit scoring. The raising NPAs although the regulators and Govt. deny cause of concern, is really worry some and need to be addressed.
Scams and Money Laundering in India confirm the weakness in Indian Banking System. Technology alone cannot solve or clean the system. Technological frauds have been fixed time to time but still capable of damaging Banking System.
The regulators and Govt. need to ensure that the well established banking is not derailed by technology and new outsourcing processes. Other wise, like USA and European countries India may also face rating down gradations and weak financial systems. It is very difficult to imagine the impact on common man and Banks in India.
Friends of mine including Bankers have told very clearly that the staff at the counters in Banks have very little to do with Brains and if they know navigation of menus and cut and paste in MS office it is enough. The jobs do not carry the Job Satisfaction. All employees have become Sales men and Banks' services have become poor.
Looking back, bankers and bank employees used to enjoy their jobs because of public relations and interaction. Managers and Officers in Banks used to command respect from public .Even Bank employees are invited for social functions like marriages by customers and even a small help will get compliment or expression of gratitude. These days have gone and Bank does not want customer to come to branch and make premises crowdy. The internet banking has solved many of personal banking requirements and retail banking except Cash can be handled sitting at home or your office. Loans are sold like newspapers by Sales Team of the Bank or some appointed agency.
Bank services have moved out of conventional Banking and beyond recognition due to competition.
With indiscriminate outsourcing and engagement of third parties in data processing, SECRECY which is CORE of Banking is totally diluted. If you maintain some good savings account balance for your urgent requirements, phones will come from agents asking to buy mutual fund or insurance products.Luckily, Govt. Banks have not joined the band wagon of Private banks operating on these lines.
Lending quality has deteriorated as there is no personal assessment of credit but credit is evaluated based on credit scores by your computer or some agency credit scoring. The raising NPAs although the regulators and Govt. deny cause of concern, is really worry some and need to be addressed.
Scams and Money Laundering in India confirm the weakness in Indian Banking System. Technology alone cannot solve or clean the system. Technological frauds have been fixed time to time but still capable of damaging Banking System.
The regulators and Govt. need to ensure that the well established banking is not derailed by technology and new outsourcing processes. Other wise, like USA and European countries India may also face rating down gradations and weak financial systems. It is very difficult to imagine the impact on common man and Banks in India.
